170Arrangement for payment of debt

170  Arrangement for payment of debt  (1) The Operator may enter into an arrangement with a person or an institution under which the person or institution is to pay a debt, owed by the person or institution to the Commonwealth under this Part, or the outstanding amount of such a debt, in a way set out in the arrangement.  (2) An arrangement entered into under subsection (1) has effect, or is taken to have had effect, on and after the day specified in the arrangement as the day the arrangement commences (whether that day is the day the arrangement is entered into or an earlier or later day).  (3) If an arrangement entered into under subsection (1) does not specify a day as mentioned in subsection (2), it has effect on and after the day on which it is entered into.  (4) The Operator may terminate or alter an arrangement entered into under subsection (1):  (a) at the request of the person or institution; or  (b) after giving 28 days’ notice to the person or institution of the proposed termination or alteration; or  (c) without notice, if the Operator is satisfied that the person or institution has failed to disclose material information about the person’s or institution’s true capacity to repay the debt.